Latest news with #ShariahInvestment
Malay Mail
13-05-2025
- Business
- Malay Mail
Group urges SC to probe alleged fake Shariah-compliant investment scheme duping over 230 investors of RM80m
KUALA LUMPUR, May 13 — Civil group Malaysia International Humanitarian Organisation (MHO) has today urged the Securities Commission (SC) to open an investigation into an allegedly fraudulent Shariah-compliant investment scheme. Its secretary-general Datuk Hishamuddin Hashim claimed that the scheme called Islamic Redeemable Preference Shares (IRPS) has caused losses of approximately RM80 million to 232 investors. 'We strongly urge the SC to open an investigation and refer it to the Attorney-General's Chambers for possible prosecution against the masterminds and perpetrators responsible for the losses suffered by these victims,' he told a press conference after delivering the relevant documents to the SC here. He said the allegedly fraudulent companies employed marketing agents to promote and market an investment labelled as Shariah-compliant, and had even obtained compliance certificates and submitted an information memorandum (IM) to the SC. 'This is where the confusion lies, investors mistakenly believed that the investment had been approved by the SC and it is important to clarify that there is a difference between submitting an IM and having a prospectus approved,' he added. He also said the IM process only applies to sophisticated investors, who are defined as professional investors with at least RM250,000 to invest and net assets of at least RM3 million. However, he said many of the investors who lodged complaints were not sophisticated investors. He also said urged for an investigation into the allegedly involvement of a director in one of the companies offering the IRPS scheme, whom he said is a Shariah adviser recognised by the SC. He said the association may have influenced many to invest, believing the scheme was legitimate. Last week, the SC charged a 44-year-old man at the Kuala Lumpur Sessions Court for defrauding five investors of over RM3.1 million by falsely representing that he would invest their monies in a fictitious scheme called 'Amal Trust,' which purportedly offered Shariah-compliant bonds with high returns. He also faced two additional charges for unlicensed capital market activities and was granted RM500,000 bail with conditions, including surrendering his passport and reporting to the SC monthly.
Malay Mail
13-05-2025
- Business
- Malay Mail
Group urges SC to probe alleged fake Shariah-compliant investment scheme duping over 230 investors
KUALA LUMPUR, May 13 — Civil group Malaysia International Humanitarian Organisation (MHO) has today urged the Securities Commission (SC) to open an investigation into an allegedly fraudulent Shariah-compliant investment scheme. Its secretary-general Datuk Hishamuddin Hashim claimed that the scheme called Islamic Redeemable Preference Shares (IRPS) has caused losses of approximately RM80 million to 232 investors. 'We strongly urge the SC to open an investigation and refer it to the Attorney-General's Chambers for possible prosecution against the masterminds and perpetrators responsible for the losses suffered by these victims,' he told a press conference after delivering the relevant documents to the SC here. He said the allegedly fraudulent companies employed marketing agents to promote and market an investment labelled as Shariah-compliant, and had even obtained compliance certificates and submitted an information memorandum (IM) to the SC. 'This is where the confusion lies, investors mistakenly believed that the investment had been approved by the SC and it is important to clarify that there is a difference between submitting an IM and having a prospectus approved,' he added. He also said the IM process only applies to sophisticated investors, who are defined as professional investors with at least RM250,000 to invest and net assets of at least RM3 million. However, he said many of the investors who lodged complaints were not sophisticated investors. He also said urged for an investigation into the allegedly involvement of a director in one of the companies offering the IRPS scheme, whom he said is a Shariah adviser recognised by the SC. He said the association may have influenced many to invest, believing the scheme was legitimate. Last week, the SC charged a 44-year-old man at the Kuala Lumpur Sessions Court for defrauding five investors of over RM3.1 million by falsely representing that he would invest their monies in a fictitious scheme called 'Amal Trust,' which purportedly offered Shariah-compliant bonds with high returns. He also faced two additional charges for unlicensed capital market activities and was granted RM500,000 bail with conditions, including surrendering his passport and reporting to the SC monthly.
Argaam
12-05-2025
- Business
- Argaam
MC4 maintains strong demand in Q1 2025: CEO
Khalid Al Maktary, CEO of Fourth Milling Co. (MC4), said the company's net profit rose by 8% in Q1 2025, supported by revenue growth, improved financial efficiency, and a SAR 2.3 million reduction in deferred tax liabilities. This was also buoyed by a SAR 1.3 million increase in returns from Shariah-compliant investment deposits and effective cost control. In an interview with Argaam, Al Maktary added that demand for the company's products remained strong in Q1 2025, with flour sales rising 4.3% year-on-year (YoY) and 6.4% quarter-on-quarter (QoQ). This was supported by seasonal demand during Ramadan and an improved product mix. He noted that this growth reflects robust demand from both business and retail segments. Animal feed sales also maintained positive momentum during the quarter, although revenue from the bran and feed segment declined by 5.6% QoQ due to seasonal factors and the company's focus on improving margins over volume increases. MC4 retained its leadership in the Saudi flour market during Q1 2025, backed by strong performance from its flagship brand, FOOM, which held a 28.4% market share—the highest in the packaged flour category. According to the CEO, the company seeks to enhance its competitive edge through target marketing campaigns, expanding its distribution network, and continuous innovation in product development to meet market needs. Geographically, sales were significantly supported by performance in Madinah and Al-Kharj, benefiting from advanced infrastructure and proximity to demand centers, which improved distribution efficiency and market responsiveness. Regarding flour exports, Al Maktary said the company plans to leverage surplus capacity at its Dammam facility—strategically located near King Abdulaziz Port—to expand into Middle Eastern, Asian, and African markets. This aligns with the company's long-term strategy to diversify income sources and grow its geographical presence. The top executive forecasts growth momentum to continue into the second half of 2025, driven by an expanding customer base, improved coverage in high-density areas, and stronger offerings for both business and retail segments. Thanks to optimized distribution strategies and continued consumer demand for essential products, the company is well positioned to sustain stable revenue performance in H2 2025.
